Property investment giant Landsec has acquired an even greater stake in shopping complex Bluewater after agreeing a £120 million deal.

The company, which already owned almost 50% of the Greenhithe site, has bought an additional 17.5% stake from GIC - Singapore’s sovereign wealth fund.

It brings Landsec’s ownership of Bluewater up to 66.25%.

Landsec says the deal, based on the income generated over the year so far on the site, will increase its net rental income by £10.3m a year.

This transaction is in line with Landsec's objective to grow its investment in major retail destinations.

It already owns stakes in a host of major UK retail centres, among them Westwood Cross in Thanet, and other commercial sites in the county such as the Eureka Leisure Park in Ashford.

Bruce Findlay, managing director of retail at Landsec, said: "This transaction underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles.

“Bluewater is one of the UK's top retail destinations and a key part of our strategy to further build our relationships with key brands."